Ex-City trader ordered to pay £2.2m for hiding assets in bankruptcy

A former City trader has been ordered to pay a total of £2.2m for hiding assets during bankruptcy proceedings.

Tahseen Goni has been ordered to pay a confiscation order of £2,084,897 and prosecution costs of £118,35 following a hearing at Cambridge Crown Court in July.

An initial investigation by the Insolvency Service led to a criminal investigation by the Department for Business, Energy & Industrial Strategy.

It found that in October 2008, Goni incurred loses of £238,021 with spread betting firm IG Markets. The company obtained a judgment in default against him and threatened to petition for his bankruptcy.

Goni continued to trade in the lead-up to and following his bankruptcy, using trading accounts and bank accounts in the name of a family member.

The investigation found Goni had sufficient assets to pay off his creditors, but concealed these from his trustee in bankruptcy.

He was convicted of concealing property from the Official Receiver in August last year.

Department for Business Innovation and Skills deputy chief investigating officer Ian West says: “This is a substantial penalty. Bankrupts should be in no doubt that if they conceal assets from their trustee in bankruptcy that the Insolvency Service and the Department for Business will take firm action to have them prosecuted, their benefit confiscated and their creditors recompensed.”

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19th March 20182:18 pm

Comments

There are 2 comments at the moment, we would love to hear your opinion too.

Too many bankers and traders believe they are above the law in their pursuit of easy riches, severe penalties have to be imposed as a deterrent to others. If not then it spreads to all areas of financial services, with the FCA ill equipped to deal with it.